“The Bear Market Economics Phenomenon” is an observation of Political Economics. Wall Street Admits: ‘We Got Rich Off the Backs of Workers’ thus creating the Bear Market. The Bear Market is America's default war.
The ethic of Wall Street is the ethic of celebrity. It is fused into one bizarre, perverted belief system and it has banished the possibility of the country returning to a reality-based world or avoiding internal collapse. A society that cannot distinguish reality from illusion dies.

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According to Aguirre, NARA and the SEC OIG may “not be getting an accurate picture” of the SEC’s alleged violations. Last week, NARA stated it is “concerned that the SEC has been slow in creating records schedules...that will ultimately determine how long these MUI records need to be retained.” In other words, the SEC simply failed to come to an agreement with NARA on how long the MUI files had to be preserved.

This in itself would be a serious problem, since the SEC did not have the authority to destroy the MUI records without approval from NARA, according to the Federal Records Act. But Aguirre’s letter makes the case that the SEC’s destruction of the MUI files was actually a violation of an existing arrangement with NARA. Aguirre argues that this is not an insignificant distinction:

Either violation is serious and could subject the violator to criminal sanctions. Further, the manner in which the statute was violated may point to the responsibility of specific officials within the SEC. It is therefore even more important that NARA carefully parse the facts to determine exactly how the SEC decided to destroy thousands of files containing federal records. Otherwise, there can be no accountability.

Aguirre points to an existing agreement approved by NARA in 1992 that requires SEC “Investigative Case Files...including case files relating to preliminary investigations” to be retained for 25 years (emphasis added). Which raises a critical question: are “case files relating to preliminary investigations” the same thing as the MUI files?

Aguirre argues that “preliminary investigations” and “MUIs” are just different terms used to describe the same initial investigative process. Indeed, the SEC itself uses different terms to describe this initial stage: for instance, while MUIs are referenced throughout the SEC’s Enforcement Manual, SEC regulations refer to the same stage only as a “preliminary investigation.”

“The real issue that NARA should be investigating,” Aguirre wrote, “is who at the SEC came up with the idea of attributing a new name to a preliminary investigation and then using that device to destroy thousands of files of preliminary investigations.”

Aguirre followed up with a letter sent yesterday to SEC Chairman Mary Schapiro, in which he raised concerns that “the truth may be a victim” of ongoing discussions between the SEC and NARA on the alleged shredding of the MUI records. He asked Schapiro to inform NARA that there is no meaningful distinction between “preliminary investigations” and the MUI files.

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The Bear Marketplace

The Bear Market Dynamic

Our faith in capitalistic institutions promotes the pretense of democracy, while it delivers plutocracy, corporate fascism, and militarism. Similarly, imprudent belief in the American Dream induces people to behave in ways that promote the welfare of those in power rather than the perspectives of those of us struggling to be free. Belief in this discredited notion keeps workers from organizing against their oppressors.

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“Bear Market Economics” is an expression of Political Economics, an interdisciplinary field focusing on the non-market, collective, and political activity of individuals and organizations. Specific fields of inquiry include regulation, distributive politics, elections, corporate politics, public policy, social welfare, scientific and science policy, political participation and collective action, interest groups, constitutional choice, legislative behavior and organization, judicial institutions, bureaucracies, comparative institutions, cooperative political economy, macro political economy, allocation of resources, the environment, ecology, law and economics, business and government, how markets affect and impact the public and the commons. The orientation to these topics tends to be positive rather than normative.

FAIR USE NOTICE

This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in an effort to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. we believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law.

In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml

If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner.

The American Capitalist Way

Capitalism is preferentially identified by its euphemisms: "Free Enterprise," "market system," "private enterprise." "the American Way," etc. Overt and pervasive partisanship in support of capitalism is not regarded by the American media as an ideological bias negating professional "objectivity" but rather comparable to the serene acceptance of natural laws.